What’s under the hood of AI crypto projects?
I know that all of you are already tired of AI-related stuff, it’s almost everywhere. And we don’t want to be one of these crowdy articles on how AI can simplify your life, etc. So it’ll be just a quick overview of top AI crypto projects from the alternative data point of view. The prices are rising, but what’s under the hood?
Despite the overall hype and popularity, many crypto community players don’t see so much power in these projects and overall blockchain compatibility with AI:
Aditya Khanduri, Head of Marketing at Biconomy, expressed his view:
I believe that the current AI trend is still pretty speculative, leading to a jump for tokens like OCEAN, ALI, AGIX. Some of the tokens with more buzz and followings have pumped and it’s less about the actual tech behind it.
So let’s compare the hype and the tech for the AI-related tokens:
1. Fetch.ai ($FET) — an AI-backed blockchain environment that helps users create a decentralized digital economyю.
$FET mentions on Reddit and Twitter increased multiple times during January-February getting as many as 6k mentions in 24h period:
But what about the tech side? According to our data, $FET had less than 10 active GitHub developers in December and January and less than 20 commits for the last 2 months:
The development activity is at its low and can be compared to the activity it had in 2016.
We’d like to emphasize that the development is critical to the crypto/web3 project’s long-term success. Active development, with frequent commits and a strong community of contributors, shows a commitment to improving the technology, makes it more secure, drives the maturity of the project, attracts investment, and can lead to higher prices in the future.
2. SingularityNET ($AGIX) is a platform powered by the blockchain that enables anyone to effortlessly “build, share, and monetize” Artificial Intelligence services.
$AGIX has almost the same picture in terms of Twitter and Reddit mentions — a massive increase after years of silence:
The sentiment of $AGIX social mentions is also seeing a positive trend (moving closer to 0.7) after staying relatively neutral:
Looking at the development activity, it doesn’t look so promising, and is experiencing a decreasing trend:
3. Ocean Protocol ($OCEAN) is an open-source protocol that aims to allow businesses and individuals to exchange and monetize data and data-based services.
Surfing on a hype wave in social media, $OCEAN looks more reliable with its development activity (26 active GitHub developers and 108 commits for January):
In conclusion, the AI crypto space is filled with both hype and potential, it’s a fact. While many projects have seen a significant increase in social media mentions, the actual technology behind these projects may not live up to the hype. As seen in the analysis of Fetch.ai, SingularityNET, and Ocean Protocol, the development activity can vary greatly, with some projects experiencing low levels of development and others showing a more active and robust development community. So, always DYOR and don’t rely on hype only!
Leave some claps 👏 and hit comments on what crypto projects we should overview next 🤔
P.S. If you represent a business and are interested in getting access to these and many other crypto projects dashboards (social media mentions and sentiment, development activity, etc.) or API, just drop us a line at contora.ai.
